Third Point Reinsurance Investment Management and Hiscox Insurance Company have announced an initial agreement in principle to partner in the development of Third Point Reinsurance Investment Management Ltd.’s catastrophe reinsurance fund management business.
Hiscox will be a shareholder of Third Point Reinsurance Investment Management Ltd., which was recently established by Third Point Reinsurance Ltd., and intends to make a significant investment in the Third Point Reinsurance Opportunities Fund Ltd., the initial fund entity launched. Structured via a quota share agreement, tailored portfolios of catastrophe reinsurance exposure will be ceded by Hiscox to the Fund.
John Berger, Chief Executive Officer of Third Point Reinsurance Ltd., commented on the announcement, “We are thrilled to be teaming up with Hiscox on this project. Hiscox is one of the best (re)insurance groups in the world and we look forward to developing a catastrophe reinsurance fund business with them.”
Jeremy Pinchin, Hiscox Bermuda’s CEO added, “Finding innovative ways to bring fresh sources of capital to the market is a key objective of ours, it gives our clients and broker partners more opportunities to work with us. We look forward to developing a successful partnership with Third Point Reinsurance Ltd.”
